◂ Event Timeline

Oct 22, 2022MACROChina

Yuan Falls to Lowest Level Since 2008 on Hawkish Fed and Growth Risks

The onshore yuan fell to 7.2525 per dollar, its weakest since January 2008, as the dollar strengthened on hawkish Federal Reserve comments. Covid lockdowns in Xi'an also heightened concerns about Chinese growth, even as the central bank set a firmer-than-expected fixing.

WHY IT MATTERS

Yuan weakness and slower Chinese growth both reduce Chinese demand for imported feed commodities, which is bearish for US and Brazilian export prices.

AFFECTSChinese Yuan (CNY per USD)▲

SOURCE
caixinglobal.comOct 22, 2022

Price reaction & history

Chinese Yuan (CNY per USD)▲bullishSO FAR1d +0.3%5d +0.1%20d -1.0%

After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.

Mar 30, 2020China's overnight onshore dollar/yuan swap points fall to lowest level since 2007 | Financial Post-0.0%
Apr 2, 2020Yuan falls to near 6-month low as global coronavirus fears grow - CGTN-0.5%
Apr 20, 2022Chinese Yuan Extends Drop to Six-Month Low as U.S. Yields Rise - Caixin Global+2.5%
May 23, 2024China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global+0.1%
Mar 31, 2023Widening U.S.-China Rate Gap Set to Weigh on Yuan’s Resilience - Caixin Global+0.1%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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